All Forum Posts by: Stan Sugarman

If the lease auto renews then yes the tenant would be entering into a new 12 month period. However GA law allows residential tenants to break most leases with 30-60 day notice. Depending on your lease you might be able to charge a penalty but you have a duty to find a new tenant to alleviate that cost on your tenant.

40 cents a 1000 in value if it includes good liability coverage is going market rate. The 2 big commercial real estate insurance brokers in Atlanta are Stirling Risk Insurance and McGriff Insurance if you want a broker to shop it.

I would not recommend investing in Perry from out of state. 

Why would anyone invest in Perry from out of state? It is a tiny town near Warner Robbins which is a decent housing market but it is basically a 1 industry town.

We see a lot of out of state investors come to Georgia due to our low costs. They usually overpay like the quad example above. Augusta is a tertiary market and paying 400k for gross rents of 2400-3600 a month means you will take a loss on sale and will find it hard to refinance ever. Yielding less than 5% in Augusta is underpricing risk to a huge degree.

Actually you can lose the whole 9k depending on the sellers interest in the property. In GA you can sell a nominal interest in property with no recourse through QCD. We are a buyer beware state.

You should order a title report through an experienced title lawyer who can walk you through a quiet title action. There could be a lot of pitfalls from a quiet title action where another party could prevail.

Meetup is so great. I wish it could be in person

Ask for bank statements for the property. The deposits should line up with the rent ledger.

40% of assessed value is written into GA state law. It will not change in the near future.